The primary sources of arbitration law in the Cayman Islands are the Arbitration Law, 2012 (the Law) and the Foreign Arbitral Awards Enforcement Law (1997 Revision) (the FAAEL), which gives effect to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the New York Convention). The Cayman Islands has been a party to the New York Convention since 1981. The Law, which came into force on 2 July 2012 and applies to all Cayman-seat arbitrations commenced after that date, completely overhauled the arbitration regime in the Cayman Islands and brought it in line with the UNCITRAL Model Law; it also draws on the arbitration laws of other common law jurisdictions, including the English Arbitration Act 1996 (the English Act).
The Law is expressly founded on the following principles, which are considered a hallmark of modern arbitration: the fair resolution of disputes by an impartial tribunal without undue delay or expense; maximum party autonomy, subject only to such safeguards as are necessary in the public interest; and limited judicial intervention.
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